Page 9 - Cyber Fraud

To cut a web of frauds, India needs to strengthen security systems

Job scams, Ponzi schemes, blackmail are increasing: Here is what can be done to protect people

Almost 200 people falling prey to cyber frauds every day: Delhi Police

Cyber crooks are targeting around 200 people daily in the national capital, swindling their money with different modus operandi, a senior Delhi Police officer who has been investigating cyber crimes said. The officer said the fraudsters in and around Delhi are using sextortion, work from home, online hotel booking, and online resale, among other tricks to dupe the victims, whereas the gangs operating from Jharkhand and Bihar are using scams such as KYC expiry, Android banking malware to siphon money from gullible individuals. Mewat-based cyber criminals are siphoning amounts using investment applications and websites offering part-time jobs, seeking OTPs to take control of victims' systems, and creating fake social media accounts for sextortion, he added. The Delhi Police in a recent post on X warned residents of the national capital of such frauds. "We receive around 200 complaints everyday regarding cyber frauds in Delhi. Most of these complaints are related to work from home, ..

Cybercriminals using Twitter Gold to for spreading disinformation: CloudSEK

'The ease of obtaining Twitter Gold has attracted malicious actors who are purchasing and compromising accounts to further their nefarious activities,' read an official release from CloudSEK

Over Rs 10,300 cr siphoned off by cybercriminals since April 2021: I4C

Over Rs 10,300 crore were siphoned off from the country by cybercriminals since April 1, 2021, of which agencies managed to successfully block around Rs 1,127 crore in the country, Indian Cyber Crime Coordination Centre (I4C) said Wednesday. In a media interaction, I4C CEO Rajesh Kumar said that more than 5,000 complaints of cyber crime are being reported on the National Cybercrime Reporting Portal (NCRP) of which 40-50 per cent are based on frauds committed by gangs operating from China and "pockets of Cambodia and Myanmar". He said he did not mean "nation-State" are running the scams but "gangs" operating from these countries are behind the cyber crimes. "We have pockets of Cambodia and Myanmar. We are seeing Chinese apps. Who is denying?" Kumar said in response to a question. He said aggrieved persons can approach 1930 call centre to register their complaints and banks can block the money if call is made within and hour of the fraud. Around 263 banks and financial institutions ..

Over Rs 10,300 cr siphoned off by cybercriminals since 2021, says I4C

Over Rs 10,300 crore were siphoned off from the country by cybercriminals since April 1, 2021, of which agencies managed to successfully block around Rs 1,127 crore in the country, Indian Cyber Crime Coordination Centre (I4C) said Wednesday. Over 4.52 lakh cyber crime cases were reported on the National Cybercrime Reporting Portal (NCRP) in 2021, which rose by 113.7 per cent in 2022, with 9.66 lakh cases being reported on the portal, Director of I4C Rajesh Kumar told reporters in an interaction here. I4C is a body established by the Ministry of Home Affairs to provide a framework and eco-system for law enforcement agencies for dealing with Cybercrime in a coordinated and comprehensive manner. Kumar said over 15.56 lakh cases were reported on NCRP in 2023, translating into 129 cyber crime cases reported per lakh population, which shows a "deceleration" of growth rate to 60.9 per cent as compared to 2022. "Rs 10,319 crore has been reportedly lost in India from April 1, 2021 to Decem

MP's e-Nagarpalika portal suffers cyber attack, data corrupted: Officials

Madhya Pradesh's e-Nagarpalika portal, which is the online civic tax payment software covering 413 towns and cities in the state, has suffered a cyber attack, leading to corruption of data, a senior official said on Saturday. Offline data, of which back-up is created on tapes every three days, is safe, he added. The portal oversees the mechanism by which citizens of these civic bodies get online services like birth and death as well as marriage certificates, payment of property, water and sanitation taxes, among others. "Following the attack, the e-Nagarpalika portal has been shut till Tuesday. Civic bodies have been told to work offline till the restoration of the system," said Neeraj Mandloi, the Principal Secretary of the state's Urban Administration and Housing Department. "The cyber attackers have corrupted the entire data of all 413 cities, but offline data, of which backup is taken on tapes every 3 days, is safe," Mandloi informed. Information Technology experts have not fo

Digital money heist: What's behind surge in online payment fraud?

More than 47 per cent of all cybercrime is linked to UPI payments, making it the most common form of financial fraud, says a report by FCRF

Kaspersky, IIT Delhi partner for cybersecurity talent development in India

Global cyber security company Kaspersky and the Indian Institute of Technology Delhi (IIT Delhi) have signed an agreement to jointly work on cybersecurity-related research and educational initiatives at the institute, the company said on Thursday. Under the agreement, Kaspersky and IIT Delhi will exchange knowledge and expertise, develop educational materials, organise and promote events to raise cybersecurity awareness, and sponsor merit (academic) awards or prizes to encourage IIT Delhi students to pursue careers in ICT and Cybersecurity, the statement said. This partnership will enhance the IIT Delhi graduates' desirability on the job market by adding IIT Delhi's educational and scientific activities of new training courses and programs that provide the graduates with relevant competencies that are in demand. Kaspersky, Managing Director for Asia Pacific, Adrian Hia said that the demand for cybersecurity professionals is expected to grow exponentially as India cements its positio

FinMin calls meeting of bankers to deal with digital payment fraud

The Finance Ministry has called a meeting of senior bankers and RBI representatives on Tuesday to discuss steps to deal with increasing digital payment fraud and cyber security issue. The meeting to be chaired by Financial Services Secretary will discuss issues related to financial cyber security and increasing digital payment fraud, sources said. During the meeting Indian Cyber Crime Co-ordination Centre will make a presentation on the latest statistics of digital payment frauds as reported in National Cyber Crime Reporting Portal (NCRP), including challenges and issues faced in countering such issues. The meeting is expected to be attended by senior official of Department of Economic Affairs, Department of Revenue, Department of Telecom, Ministry of Electronics and Information Technology (MeitY), Telecom Regulatory Authority of India and National Payments Corporation of India. The meeting assumes significance in view of digital fraud witnessed by UCO Bank and Bank of Baroda in th

Sitharaman stresses on building awareness among people to curb cyber fraud

Finance Minister Nirmala Sitharaman on Thursday said there was a need to build awareness among people on cyber frauds and take the reins of technology in our hands to stop scamsters from gaming the system. Speaking at the 'DATE with Tech' event, the minister said to stop cyber frauds, where people are duped by way of a phone call or SMS, the government periodically reviews public sector banks, and regulator RBI reviews its own systems. Insurance companies also review their systems. "We are constantly doing what is required. Unless awareness, unless we are able to build that alertness in the mind of people that I should not go by anything that is said on my phone is built, citizens are at risk, Sitharaman said. She said at the micro level there is concern about people getting random calls putting them in a situation where they are getting trapped and as a result ending up losing money. "Those people who game the system probably are one notch ahead of us in terms of using and misusin

Operation Chankra-2: CBI searches 76 locations against cyber criminals

The CBI has conducted searches at 76 locations across the country under Operation Chakra-2 after registering five separate cases of cyber-enabled financial frauds, officials said on Thursday. One of the cases pertains to a racket siphoning off Rs 100 crore of Indian citizens through a cryptocurrency fraud, they said. The case was registered on the basis of inputs provided by the Financial Intelligence Unit (FIU), the officials said. Two cases were registered on a complaint from Amazon and Microsoft that the accused ran call centres and posed as technical support of the companies to target foreign nationals, they said. Nine call centres were searched by the Central Bureau Investigation (CBI) under the operation, the officials added. The details of two other cases were not shared by the agency because of the ongoing operation. The CBI has acted on inputs from FIU, FBI, Interpol and other international agencies, they said. The searches were conducted at locations in Uttar Pradesh,

Cyber insurance gains momentum in India, set to witness growth: Deloitte

The cyber insurance market in India is expected to grow by 27-30 per cent in the coming years, a Deloitte report said forecasting cyber insurance gaining momentum. The report indicates that the current Indian cyber insurance market is valued at USD 5060 million, maintaining a steady 2730 per cent compound annual growth rate (CAGR) in the past three years. "This growth is expected to continue for the next 35 years, driven by an increased awareness of the need for cyber insurance," the report 'Cyber Insurance in India' said. It identifies industries heavily involved in digitisation, such as IT, pharma, and manufacturing, as well as those integrated with broader economic sectors like supply chain, retail, critical industries, and finance, to be the prime targets of cybercriminals. "These sectors are typically early adopters of cyber insurance," it said. The report included a survey of several Chief Information Security Officers (CISO), with 70 per cent of respondents expressing ...

Bengaluru Police bust Rs 854 cr cyber investment fraud, arrest six people

The Bengaluru Police have busted a Rs 854 crore cyber fraud scam and arrested six people who allegedly cheated thousands of victims across India on the pretext of an investment scheme, officials said on Saturday. Out of the total cheated amount, Rs five crore had been frozen, they said. The accused gang lured the victims through Whatsapp and Telegram. Initially, they were asked to invest smaller amounts ranging from Rs 1,000 to 10,000 on the pretext that they would earn Rs 1,000 to 5,000 per day as a profit, a senior police officer said. Thousands of victims invested money ranging from Rs one lakh to 10 lakh or more, he said. The money invested by the victims was dumped into different bank accounts through online payments. However, after completing the investment process, when the victim tried to withdraw the amount, they never got any refund, he added. Once the amount was collected, the accused diverted the consolidated money to mule accounts (related to money laundering), the ..

Global companies to hike security spending as threats rise: Survey

A survey of 1,775 chief security officers in 30 countries found their companies had lost more than $1 trillion in revenue in 2022 as a result of non-cyber security incidents

Housing.com ties up with BOXX to provide insurance plan from cyber fraud

Real estate portal Housing.com on Monday said it has tied up with global insurtech player BOXX to offer cyber security plan for protecting its customers from digital fraud. This collaboration aims to provide digital security for Indian homebuyers by introducing the comprehensive 'Cyber Protect' plan. "With support from BOXX and Bajaj Allianz General Insurance, the plan empowers customers to safeguard their digital lives and secure them against digital fraud -- all for an affordable monthly premium of just Rs 199," Housing.com said in a statement. This added safeguard protects financial transactions and contributes to an overall secure online environment. Established in 2012 and later acquired by REA India in 2017, Housing.com is a prop-tech platform for homeowners, home seekers, landlords, developers, and real estate brokers. New homes, resale homes, rentals, plots, commercial spaces, and co-living spaces are listed on its platform.

Centre makes police verification of SIM dealers mandatory to curb frauds

Briefing reporters on the new rules, Vaishnaw said the need to create greater accountability for SIM card dealers came after detailed field tests and discussions with telecom service providers

Maharashtra: Software professional loses Rs 17.2 lakh to cyber fraud

A 42-year-old software professional from Maharashtra's Thane district lost Rs 17.2 lakh after he was scammed by two persons who promised him easy money through a part-time job, an official said on Thursday. A man and a woman got in touch with the complainant, who is employed with a top Indian IT firm, on August 3 and offered him a part-time job related to hotel bookings, the official said. The duo sent him a link through the Telegram app to carry out the job, the police said. The techie was first told to make some payment towards registration. The duo then smooth-talked him to pay more on some pretext or the other promising him easy money. After extracting Rs 17.28 lakh from the IT professional over the next few days, the duo became evasive when he asked them about the money promised to him, the official said. Based on a complaint from the techie, the Ambernath police on Tuesday registered a case under the IT Act. The police gave the names of the accused as Rahul Sharma and Sneha.

Cyberfraud is an area which requires lot of attention: Rakesh Asthana

Former CBI chief Rakesh Asthana said on Saturday incidents of cyberfraud are increasing and this is a domain that now requires a lot of attention. He cited his own case in which he became a victim of cyberfraud when he was serving as the Border Security Force (BSF) director general, and some fraudsters withdrew Rs 40,000 from his account using his Aadhaar biometrics. "This is an area which requires a lot of attention not only from the police and the government law-enforcement bodies but also from private investigating agencies. You can assist the law enforcement agencies," Asthana said at an event, National Corporate Investigators Conclave-2023, organised by the Association of Professional Detectives & Investigators (APDI). Talking about his case, Asthana, who also served as the Delhi Police chief, said the crime was linked to several places in Bihar and Jharkhand from where 40 people were arrested. Multiple laptops and mobile phones were seized, he said One of the masterminds was

Financial frauds in India rose 65% between 2021 and 2022: Finance Ministry

National Payment Corporation of India informed the Parliamentary Committee that, on average 2,000 customers are impacted by cyber frauds in India every month

14,007 cyber fraud cases were registered in 2021: Govt in Parliament

As many as 14,007 cyber fraud cases were registered in 2021, Parliament was informed on Monday. Quoting National Crime Records Bureau (NCRB) data, Minister of State for Finance Bhagwat Karad said "total number of cyber fraud cases which includes...frauds committed through online apps is 14,007 in 2021 (latest published data pertains to the year 2021)." RBI issued regulatory guidelines on digital lending on September 2, 2022 aimed at firming up the regulatory framework for digital lending while enhancing customer protection and making the digital lending ecosystem safe and sound, he said in a written reply in Lok Sabha. As many as 1,062 complaints related to digital lending apps' received by the Offices of the RBI Ombudsman (ORBIOs) against REs under Reserve Bank Integrated Ombudsman Scheme, 2021 (RB-IOS) were received between April 1, 2022 and March 31, 2023, he said. This regulatory framework is based on the principle that lending business can be carried out only by entities that